Wed, Feb 26, 9:39 PM (62 days ago)
**Summary of Virgin Galactic Holdings, Inc. (SPCE) 10-K Report for Fiscal Year Ended December 31, 2024** Virgin Galactic Holdings, Inc. reported a net loss of $346.7 million on revenues of $7.0 million for FY 2024, reflecting a 3% increase in revenue year-over-year. Operating expenses totaled $383.7 million, driven by spaceline operations ($90.0 million), R&D ($152.7 million), and SG&A ($125.5 million), with a notable R&D decrease due to completed modifications on existing vehicles. The company paused commercial flights mid-2024 to focus on developing next-generation Delta Class spaceships, anticipated to resume commercial operations in 2026. As of December 31, 2024, Virgin Galactic had cash and marketable securities totaling $656.8 million, with significant liquidity to support ongoing operations and development. The company has a backlog of approximately 700 reservations, equating to $190 million in future revenue. Key risks include reliance on a single spaceflight system, potential delays in vehicle development, and significant competition in the emerging commercial spaceflight market. The company has also faced various legal challenges, including class-action lawsuits related to its operations and governance. Overall, while Virgin Galactic is positioned to capitalize on the growing demand for commercial space travel, it must navigate significant operational and financial challenges to achieve profitability.